Home Buying 101: Townhouse
Figure out your needs
Monthly cost of owning a home
Ideal Neighborhood
Financing Your Purchase
The FHA Mortgage
The Conventional Mortgage
The Adjustable Rate Mortgage
Department Of Veterans Affairs Mortgage
Pre-Qualified vs Pre-ApprovalPhase 2: Looking
Looking at homes
Types of homes
Single Family Homes
Condominium
Twin Homes
Multi-Family Homes
Types of sellers
Traditional
Short Sale
Foreclosed
Researching A Home’s Public Information
Phase 3: Buying
Making an offer that counts
The Purchase Agreement
Buyer Letter to Seller
Inspections: Why get one?
Radon Testing
Sewer Line Scope Inspection
Fireplace Chimney Inspection
Mechanicals
Phase 4: Closing
Closing Costs Explained
Title Work
Appraisals
Underwriting
Utility Bills
Preparing for the Closing
The Closing
Most people think of townhouses when you see a building that has several units grouped together with each having its own entrance. This is typically a “row house” building, or a building with 4 units, each one in a corner. But the main difference between a townhouse and a condo is how the ownership is defined. The main difference between a condo and a townhouse is that with a condo, you own the area within the walls, where in a townhouse, you own the land as well. This usually means a condo building is more like an apartment building with one entrance for the entire building, whereas a townhouse usually has an entrance per unit. This difference is a technical one, but most people just think of it as a stylistic difference.
The townhouse property has some significant advantages over single family properties. The first advantage is that your neighbor cannot paint their house purple and yellow. The association maintains the overall structure and also dictates the look of the properties.
The second major advantage is that you have an association performing some of the maintenance for you. This usually covers mowing the lawn, watering the lawn, shoveling the snow, and any other exterior maintenance. The interior maintenance is still your responsibility. This would include maintaining the interior surfaces, the furnace, the water heater, and any other appliances in the unit.
Pros:
- Lower association dues than condos (usually)
- Lawn and snow maintenance is done by the association
- Exterior of building is maintained by association
Cons:
- Exterior of building is maintained by association
- Association dues
Additional Resources: